There is an element of bad blood between the two. Wolfe Herd will hope that the IPO allows Bumble to continue its march in the online dating sphere, an area previously ruled by the dating giant who also own Tinder, Wolfe Herd’s former employer. The success marks not only a major achievement but some relief for Wolfe Herd after she agreed to forfeit around $95 million worth of Bumble shares to secure a loan in 2020. It is also likely that some of the money may be used to redeem shares from Wolfe Herd herself. It is believed that the majority of the funds raised will be used to buy back shares from its pre-IPO owners, well known private equity firm Blackstone, who had owned as much as 91% of the company prior to Thursday’s IPO. The IPO saw the company raise $2.2 billion in addition to helping its CEO set records. In addition to becoming the world’s youngest self-made female billionaire, the IPO of the company she co-founded means that she also has the honour of being the youngest female CEO ever to take a company public in the US.īumble has had a stellar last 12 months, reporting $417 million in revenue in the first nine months of 2020, which marks a huge increase from $363 in 2019. The day also marked another record broken for Whitney Wolfe Herd. The end of the day saw Bumble stock closing at $70.31 securing Wolfe Herd’s place among a small but elite group of self-made female billionaire businesswomen. Bumble had been expected to open on the floor at around $43 per share, but it was clear it was going to be a good day for the online dating app and its CEO when Bumble stock opened at $76 when the company debuted shortly after the markets opened. The Bumble CEO owns 21.54 million shares according to the company’s own portfolio which constitutes 11.6% of the company. The 31-year-old’s 12% stake in the company was worth $1.6 billion as of 12:40 pm EST on Thursday.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |